Factors contributing to the growing CAGR include, usage of monoethylene glycol in producing polymer fabrics and PET resins, especially in evolving economies, worldwide.
The global monoethylene glycol market was valued at US$ 27.79 billion in 2020 and is expected to reach US$ 39.98 billion by year 2028, at a CAGR of 4.70%. Furthermore, bio-based monoethylene glycol is expected to create abundant opportunities for the expansion of the global monoethylene glycol market. Moreover, the growing demand for non-ionic surfactant and growing textile and fibre industries are probable to generate plentiful prospects for the growth of the global monoethylene glycol market, during the forecast period.
Polyester fabrics are extensively used in apparels, home furnishings, yarns and ropes and other industrial applications including conveyer belts and insulating tapes which are likely to drive the demand for MEG over the forecast period. The production of polyester fibres in the past years has been increasing. This increasing trend will also be observed during the forecast period. Roughly, 0.345 kg of MEG is used to make 1 kg of polyester
The growing demand for MEG in the production of polyester fibre is the major factor influencing the market growth. Interpreting to the technology, naphtha-based segment recorded the highest share in the market of approximately 47.1% The increasing industrial sector in countries such as China and India are driving the market growth. The Asia Pacific holds the largest market share of 37.5% in the global MEG market due to the rising demand for polyester fibre in the region
North America witnessed a stable growth in the market over the past few years and will continue to do so during the forecast period.